20th Jan 2015 09:23
LONDON (Alliance News) - Electra Partners LLP, the manager of Electra Private Equity PLC, Tuesday said that portfolio company Allflex Corp has completed the acquisition of SCR (Engineers) Ltd in a deal valued at about USD250 million.
According to the private equity fund manager, Electra Private Equity, the investment trust, has made a further investment of USD18 million in Allflex to support the acquisition.
Allflex manufactures and distributes visual, electronic and tissue sampling animal identification devices, selling more than 200 million tags each year in over 60 countries, while SCR manufactures milk meters and smart tags for monitoring cow fertility and health.
Electra Partners said the acquisition provides Allflex with an entry into "a highly attractive adjacent sector".
"Further growth is anticipated as the group makes use of its combined distribution, technology and product development resources," Electra Partners said.
Electra first invested in Allflex in 1998. It sold its stake in the company to funds advised by BC Partners in 2013, generating a 15-times return on Electra?s original investment. That translates into an internal rate of return of 28%. Electra then reinvested in Allflex for a 15% stake alongside BC Partners.
At the end of September 30, 2014, Electra's investment in Allflex was valued at GBP54 million.
Electra Private Equity shares were down 0.2% at 3,001.00 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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